PPM= Private Placement Memorandum.
A long document describing what we’re offering and what the terms are for investors. It’s got a ton of legalese and some basic language too. We lucked out by hiring a boutique law firm in NYC who only works on venture funds. They also were able to put together a PPM which was very easy to read even though it has the usual disclaimers and such.
It took a little time to work this out. So many little details on what we are selling to potential investors, but I suspect that we took less time than most.
We wanted to be very standard and not do anything unusual which could raise uncomfortable questions amongst our investors. I figure this saved us a couple of weeks for sure.
In any case, we’re done and ready to go sign up investors!